The Dow Jones Industrial Average will likely remain in focus on Friday after setting a new record high today above 42,000, gaining momentum after the Fed's big half-point rate cut yesterday. The Index has moved higher after retesting the top trendline of an ascending triangle.

U.S. stocks rose after the Federal Reserve lowered its benchmark interest rates by 50 basis points to a range of 4.75% to 5%. That was the first rate cut in over four years that marked the beginning of a monetary-easing cycle in the world's largest economy.

The Standard and Poor's 500 fell by 16.32 points, or 0.29 percent, to close at 5,618.26, with a trading volume of 2.429 billion. The index faced pressure as multiple sectors, including technology and healthcare, recorded losses amid concerns over inflation and potential interest rate hikes.